Today, the Portland Housing Bureau brought two exciting and important items to Council.

This morning, the Council approved a significant step forward for Block 49, which will bring the South Waterfront district its first affordable homes.

When construction is completed in November 2012, Block 49 will feature a LEED Silver 5-story building housing 209 affordable apartments, 42 of which will be reserved for very low-income households, with a focus on veterans.

Through a competitive process, PHB selected local non-profit REACH CDC to develop and own the project.

Today's Council item formalized a Development and Disposition Agreement (DDA) for the proejct. The DDA will transfer ownership of the property to the developer, REACH CDC, and will provide for financing.

Construction will begin next Spring, and we look forward to a ribbon-cutting in the Fall of 2012.

Special thanks to all our partners, including REACH CDC, the Veterans Administration, Ankrom Moisan Architects, and Walsh Construction.

The PHAC is a key part of PHB's goal of becoming more transparent and accountable to the people of Portland.

This new advisory body will provide important input and advice to Director Van Vliet, Commissioner Fish, and the Council.

Our call for applicants yielded an amazing pool of Portlanders. Together, Director Van Vliet and Commissioner Fish selected a very diverse group of people with a broad range of expertise in homeownership, ending homelessness, and affordable housing financing and development.